How do you cash a 43 thousand dollar check drawn off Wells Fargo if you have no bank account of any kind anywhere?
Well, you’re in for trouble to get any financial institution, including Wells Fargo, to cash that check. Banks in the United States are required to comply with a program known as “Know Your Customer” which requires banks to know who they are transacting with, especially with amounts over $10,000. These measures were put into place to stem money laundering and other illegal activities.Your best bet is to open an account with Wells Fargo and deposit the check into the account. With no previous history, I eyour money will become available to you in stages over 10–20 business days.Why? Well, the banks are risk adverse and want to make sure that the check legitimately belongs to you. Depositing a Wells Fargo check in a Wells Fargo account will help speed things up by about a week, but the reality is they want to hold on to your money as long as they can as it makes them money. The SOBs at Wells Fargo won’t even pay you interest on the deposit for a few days.You can read more about the deposit hold policy at Wells Fargo here:Deposit Hold QuestionsIf you really refuse to open an account at a financial institution, you are going to find it nearly impossible to cash. You may be able to cash it at a payday loan location, but again you’ll be giving them the check and they’ll be holding it for weeks before giving you a penny. The’d be happy to give you a payday loan until the check clears and will be assessing you some huge fees, but that is about your only other option and even then, they may not do it.The funny thing is that when you bring a check into a bank in the United States drawn on a domestic bank they know if it is good or not virtually immediately. If not immediately, it is within 24 hours. Check 21 rules were implemented by the FDIC in 2004 to turn all checks into electronic drafts. Many large retailers already turn your paper check into an electronic draft right at the register. Companies like Wal-Mart and Target know if your check is good or bad before they hand you a receipt.More on Check 21 is available here: Check Clearing for the 21st Century (Check 21 Act)All of this is in the name of minimizing risk, but it is much more than that. The longer a bank holds on to your money, the more they can make off of you. You are holding a $43,000 check and you probably need that money now. At the very least, you probably have debts that you want to pay with the money and until they make the money available to you, you are going to continue to pay interest on that debt. This is what the banks want.